Scaramucci Sees Bitcoin's Shallow 55% Drop as Bullish Signal, Eyes Return Above $100,000

SkyBridge Capital founder Anthony Scaramucci says Bitcoin's current bear market is historically shallow, a sign he interprets as underlying strength that could eventually push the cryptocurrency back above $100,000.

Speaking at the Wyoming Blockchain Symposium on Tuesday, Scaramucci described the market as a "clear Bitcoin bear market" but emphasized that this cycle's drawdown of roughly 55% pales in comparison to the 75% to 80% declines seen in prior downturns. Over his 37 years in finance, he said, he has witnessed nine bear markets, and the milder losses this time suggest a more resilient base of buyers positioning for the next upswing.

"So weirdly, you could take a position where that's actually a good sign that there's a lot of net buyers going into the next bull phase of Bitcoin," Scaramucci said in an interview with CNBC's Andrew Ross Sorkin.

Bitcoin crossed $65,000 in intraday trading Tuesday for the first time in over a week, rising 1.7% over the previous 24 hours before dipping to around $64,700. The move came as major U.S. equity indexes traded lower, with the SPDR S&P 500 ETF (SPY) down 0.63%, the SPDR Dow Jones Industrial Average ETF (DIA) off 0.14%, and the Invesco QQQ Trust (QQQ) dropping more than 1.8%.